Onconova tanks, as lead drug rigosertib fails in Ph III MDS study
US biotech firm Onconova Therapeutics (Nasdaq: ONTX) saw its shares plunge 37% to $8.70 in pre-market trading yesterday morning, after it released disappointing clinical data with its lead investigational drug rigosertib late on Wednesday.
The company said that the Phase III ONTIME trial of intravenous (IV) rigosertib in patients with higher risk myelodysplastic syndromes (MDS) who had progressed on, failed or relapsed after prior therapy with hypomethylating agents (HMAs) did not meet the primary endpoint of overall survival compared to best supportive care (BSC).
Onconova has already discontinued the Phase III ONTRAC study of intravenous (IV) rigosertib plus gemcitabine in front-line metastatic pancreatic cancer (The Pharma Letter December 20, 2013). The latest disappointment also impacts Baxter International (NYSE: BAX), which in-licensed the drug's European rights for $50 million upfront in a $500 million-plus deal (TPL September 20, 2012).
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